After the Credit Card Act of 2009 Was Passed,late Payments

question 129

True/False

After the Credit Card Act of 2009 was passed,late payments dropped but defaults increased.

---

Definitions:

UCC

The Uniform Commercial Code represents an extensive collection of regulations that oversee business deals within the United States.

Breach

The violation or breaking of a law, duty, or agreement, especially concerning contracts.

Implied Warranty

An implied warranty is a legal doctrine that assumes a basic level of quality and functionality in sold goods even if not explicitly stated by the seller.

Preassembled

Refers to components or items that are assembled at the manufacturing point before being shipped to the customer or end-use location.